Samsung UK Reveals that Over Half of Aspiring Entrepreneurs in the UK Aren’t Making it Across the Start Line
• More than half lack the confidence to invest time into themselves and their business ideas (56%) to get their ventures off the ground.
• Over a quarter (27%) of aspiring entrepreneurs say they don’t have time to turn their business into a reality – and say better technology would help them make a go of their idea (24%).
• Two in five of those with a business idea (42%) say having a mentor would help them pursue their idea and stay inspired, just 10% actually have one.
London, UK – 19 October 2023 – New research by Samsung Electronics Co., Ltd. reveals that nearly a third (29%) of the UK’s aspiring entrepreneurs say they’ve missed out on a business venture that later became a success by someone else, with over half (56%) revealing that they lack the confidence to take the first steps to pursue their dreams.
The study, conducted by Samsung UK & Ireland, surveying 1,500 consumer entrepreneurs, reveals while financial freedom (40%), a sense of accomplishment (29%), and more peace and joy in life (12%) are key reasons for them wanting to start a business, 27% say they simply don’t have the time to do so.
One of the barriers identified by the research was a lack of mentorship. Having a mentor was acknowledged as crucial to getting their idea off the ground (42%) yet just one in ten say they have one. Instead, Brits turn to their mum or dad (36%), and a quarter turn to friends (26%). One in ten reveal they even seek career inspiration from their favourite character on TV or a social media influencer, whilst others say they have chatted career goals with a bartender.
Annika Bizon, Marketing and Omnichannel Director at Samsung UK & Ireland said: “Transforming a business idea into a reality is never just one leap, it’s many, many steps – some bigger than others. Whether it’s listening, providing advice, or sharing honest experiences, it’s important to encourage and nurture a friend or colleague to embrace their entrepreneurial spirit where possible, as that one idea, could end up being an incredible business reality.”
The role of friends and family in the pursuit of achieving career aspirations is clear, yet findings reveal that entrepreneurs lack support and encouragement from their nearest and dearest. A quarter (25%) of would-be business owners say more backing and belief from friends and family would help them bring their ideas to life. In fact, 13% who told their idea to friends at the pub were laughed at. The same number shared their idea with their parents but felt they didn’t understand or encourage them.
Coinciding with the findings, Samsung UK has launched a three-part video series on its YouTube channel – ‘9 Minute Mentors’ – giving nine minutes of valuable insights to those businesses who aren’t losing that time to incompatible tech. The series features three hugely successful UK start-ups: London coffee business Grind; premium synthetic hair extension brand, RadSwan; and subscription-based flower company Freddie’s Flowers. Hosted by Samsungs’ Annika Bizon, Marketing and Omnichannel Director and Joe Walsh, Director of B2B, the series gives aspiring business owners the opportunity to hear from the best in the business, as they discuss challenges faced, opportunities embraced, and their top tips for aspiring entrepreneurs for how they can turn their business idea, into a successful reality.
According to the research, over half of respondents said they lack the confidence to invest time into themselves and their ideas (56%) or don’t have enough financial backing (51%) to make a go of things. Close to a third (32%) say they simply wouldn’t know where to start, while around a quarter (22%) say they don’t have the right technology or knowledge to get their idea off the ground.
Samsung knows that having the right technology to back up a business is imperative and that every second counts. In fact, better technology to give entrepreneurs time back to make a go of their idea, was cited by one in four (24%), as a barrier to pursuing a new business idea.
“The most successful enterprises originate from a single brilliant concept, but aspiring business owners need to rely on other building blocks, such as good technology to move from ideation to action. Samsung for Business offers solutions that empower organisations to overcome challenges that impede productivity and profitability, ensuring technology works efficiently, so leaders can focus on what truly matters. To foster greater entrepreneurship in the UK and stimulate robust economic growth, it’s our collective responsibility to identify and eliminate the obstacles faced by those striving to pursue their dreams.” Joe Walsh, Director of B2B, Samsung UK & Ireland concludes.
Samsung For Business’ unique ecosystem gives business owners what they need to take their business from where they are to what’s next. From the latest devices to unrivalled support, defence-grade security and unique partnerships, Samsung connects everything to help them work wonders.
You can watch the 9 Minute Mentors series here.